OCC flags Bank of America, Wells Fargo and other big banks for ‘debanking’ certain industries

The OCC has issued preliminary findings that nine of the largest U.S. banks, including Bank of America and Wells Fargo, used policies that effectively “debanked” certain lawful but controversial industries, by restricting services or subjecting them to heightened approvals that were not clearly tied to financial risk.​

What the OCC said

The Office of the Comptroller of the Currency reviewed large-bank practices from roughly 2020 onward as part of a fair‑banking review ordered by President Donald Trump. The agency concluded that several banks made “inappropriate distinctions” among customers by using internal policies that limited access to accounts or services for certain sectors or required “escalated reviews and approvals” beyond what risk alone would justify.​

Which banks and industries

The OCC’s preliminary report identified nine major banks: JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, U.S. Bank, PNC, Capital One, TD Bank, and BMO. Industries found to have faced restrictions or special hurdles included oil and gas, coal, firearms, private prisons, tobacco and payday lenders, adult entertainment, digital‑asset/crypto firms, and some political organizations such as PACs and parties.​

Why this is happening now

In 2025, the OCC issued bulletins and then this report under Executive Order 14331, which directs regulators to curb “politicized or unlawful debanking” and ensure access is based on individualized, objective, risk‑based analysis rather than political or ESG considerations. The review also responds to long‑running complaints from conservative groups, energy companies, firearms businesses, and crypto firms that they were denied banking primarily for reputational or ideological reasons.​

Consequences for the banks

The OCC has warned that it will consider past and current debanking practices when evaluating these banks’ licensing applications, mergers, branch approvals, and Community Reinvestment Act ratings. The agency has also signaled that it may pursue enforcement actions or refer cases to the Justice Department if it finds unlawful discrimination or other legal violations tied to debanking.​

What it means for affected industries

For targeted industries, the OCC’s stance strengthens arguments that banks must justify decisions at the customer level instead of cutting off entire sectors. Crypto firms, energy companies, firearms businesses, and others may use the report when challenging account closures, seeking new banking relationships, or pressing for policy changes that reduce “reputational risk” as a standalone reason to deny services.​